Egypt’s foreign reserves down to $36bn in May – CBE

Egypt’s foreign reserves slid by around $1 billion during May, data by the Central Bank of Egypt (CBE) showed.

The country’s international reserves amounted to $36.003 billion last month, down from $37.037 billion in April and $40.108 billion in March.

It is noteworthy to mention that the most populous Arab nation received a $2.7 billion loan from the International Monetary Fund (IMF) under the rapid financing instrument (RFI) to help mitigate the impact of the coronavirus (COVID-19).

On Friday, Egypt reached a staff-level agreement with the IMF on a $5.2 billion standby loan.